Argo-backed insurtech MGA Loadsure becomes Lloyd’s coverholder
London-based MGA Loadsure and ArgoGlobal have launched their new insurtech offering, a fully digital product covering the US spot freight market, following approval from Lloyd's.
Loadsure has been named a coverholder at Lloyd’s. Argo has been involved in supporting the business and has provided capacity.
The digital platform has been built by Noria, a Norway-based financial services IT provider. Loadsure has also partnered with Concirrus, which has built the data analytics platform and dynamic rating model.
Johnny McCord, Loadsure CEO and founder, said: “70% of the value of freight in the U.S. goes by truck, which is equivalent to 1.4 billion freight tons and is worth $1.5 trillion. We know there is demand for insurance, but access is cumbersome, leading to a significant cost and risk for shippers, brokers and carriers.
“Loadsure’s ‘one-click’ solution means more clients are insured with coverage that is fast, easy and fully digital. Critically, this runs right through to claims. We are already in partnership with a number of electronic platforms, enabling us to be visible to a huge proportion of the trucking industry.”
Jon Hamilton, cargo underwriter at ArgoGlobal, commented: “Working with Loadsure ties in closely with Argo’s focus on customer value, digital development and our entrepreneurial culture. There is an excellent opportunity here to offer clients a simple, fast and integrated one step solution in an industry where technology is disrupting the traditional business model. Argo is delighted to be in partnership with Loadsure and provide capacity and support for its development.”
Rupert Atkin, Loadsure non-executive chairman, commented: “It is exciting to be offering a first-class solution for shippers, brokers and carriers that is integrated with electronic platforms. The U.S. spot freight market has changed exponentially in the past few years and it needs insurance that keeps pace with that change. Loadsure combines decades of experience with a keen innovative spirit, creating an ambitious approach and deceptively simple product.”
Stephen Catlin, Loadsure advisor, added: “The spot freight industry is a huge market with a complex value chain where a significant volume is not insured or is underinsured. The digital end to end solution created by Loadsure is impressive, as is the scope of their ambition.”
